PLife REIT sells Japan nursing homes for gain of S$12.3 million

Parkway Life Real Estate Investment Trust (PLife REIT) has sold seven nursing homes in Japan for ¥7.95 billion (S$88.3 million) as part of a plan to divest assets of less strategic value.

PLife REIT said in a statement on Friday (26 Dec) it expects to recognise an estimated divestment gain of approximately S$12.3 million.

“The proceeds received from the divestment will further strengthen PLife REIT’s balance sheet and provide greater financial flexibility to seize other attractive investment opportunities offering better value,” the trust said.

PLife REIT owns the Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital in Singapore. It also holds various healthcare assets in Japan, including a pharmaceutical product distributing and manufacturing facility in Chiba Prefecture, as well as part of the Gleneagles Intan Medical Centre Kuala Lumpur in Malaysia.